A little bit of activity reported.
Sales: 69 Rockwood, $6.050 million, 7 Old Kings Highway, $880,000, so that pretty much spans the spectrum. 69 Rockwood is new construction, on the market for 549 days, started at $7.250 back in April, 2011. The builders contracted to pay $2.729 million for the land back in April 2008 and apparently had second thoughts after the market crashed that summer but closed anyway in October 2008. They then tried flipping it the following January but asked $3.495 for what they’s just bought and no one shared their sense of increased value. So they did what builders are supposed to do: they built. I’m not a big fan of expensive houses on rocky bits of land, but someone obviously is, so now it’s sold and despite not getting what they’d hoped for, $6 million is bound to make its builders happy. Good for them – nice house.
7 Old Kings Highway was another surprise, to me. I didn’t much like it at $865,000 but obviously at least two buyers did and one of them bid its price up to $880,000. That’s testimony both to the dearth of inventory in this price range and the importance of individual taste – one man’s meat, and all that.
450 North Street, that failed spec house across from St. Mary that was foreclosed on by Patriot Bank some years ago reports an accepted offer. The builder tried getting $6.899 for it in 2009 which was obviously the wrong price at the wrong time. Patriot sold its loan, along with others, to Summit Development last year and they finished the house (including redoing floors after pipes burst) and put it back up for sale in June, 2012 for $4.195. Whoever has now purchased Summit’s properties repriced it at $4.195, and that seems to have done the trick. Nice construction, location is marginal, in my opinion, because of the noise. But perhaps the sales price includes custom shooters’ muffs for the entire family.
14 Buckingham Lane, quite close to 450 North, is a short sale, and now has an executed contract. Asking price was $1.195, which seems like a great deal for this completely renovated ranch. Owners paid $1.250 for it in 2007 and then put a lot of money into those renovations. They asked $1.649 for it in 2008, didn’t get it and so the bank did. It had an accepted offer for $1.350 back in January but like so many short sales, that deal fell through, so it came back on at this lower price. The buyers will do well on this one, I think.